기업회생법의 역사･현황･전망

The objective of this research is to review the history and present condition of Corporate Rehabilitation Law, and present what will come next to elaborate that. First of all, the major historic events regarding Corporate Rehabilitation Law are as follows: 1. The period of negligence after its enactment (1962-1980) 2. The period of improving its problem and efficiency (1981-1998) 3. The period of improving its efficiency after receiving IMF relief loan(1998-2002) 4. The enforcement of Individual Debtor Rehabilitation Act(2005). The Composition Act was the first one that was enacted regarding corporate rehabilitation following Corporate Reorganization Act enacted in November the same year. Both are borrowed from Japanese law. The current Debtor Rehabilitation and Bankruptcy Act(IDRA) was enacted in March, 31st, 2005 at the request of IMF which provided Korea with relief fund in 1997, and has been enforced since April 1st, 2006. This act integrated corporate reorganization proceeding in Corporate Reorganization Act and composition proceeding in Composition Act. The Composition Act was nullified as it was often misused by insolvent enterprises under the shield of law that guarantees the control of the company. Instead, the new act unified the rehabilitating procedures of two acts replacing company reorganization process, which excludes existing management and having third party manage the process, with new one that appoints existing managements as custodians. The followings are what we can expect from DRBA in near future: 1. establishing special court of law to strengthen speciality of corporate rehabilitating. 2. adopting single channel: both rehabilitating and bankruptcy procedures are taken care of in a single channel, and allocating them to each firms in accordance with the conditions of the company. 4. introducing the automatic stay that suspends both debtor's paying off and creditors taking legal actions, 4. improving current system that appoints existing managements as custodians unless they are liable for ailing the company. 5. improving the system of creditors committee in which creditors are authorized to give their opinions only to extend the creditors opportunities allowing them to participate in decision making. 6. establishing the assessment base to enhance the fairness of corporate rehabilitation procedures. 7. establishing international rehabilitating procedures that corresponds to UNCITRAL (United Nations Commission on International Trade Law) Model Act. 8. revising the uniformed conditions, which based on liquidation and going concern value only, for nullifying the process of corporate rehabilitation proceeding.